PSEi Update: Breakout from the downward spiral!

By: Marvin Germo | February 24, 2014

Something happened in the past few days that was different from the past few months!

We are finally out of the downtrend! After several failed attempts to successfully breakout out of the downtrend, February 17, 2014 marked the day that we escaped the selling choke hold that has plague our market for months!

Now the one thing we should watch out for is that we break the 6,400 level upward. This would bring us above the 200 day moving average and move us from bearish to bullish. If we break that, I would be fine if we go up straight or even just go sideways a bit as long as we stay above the 6,400 level. We don’t want to have our market move so fast because a steep climb would also mean a steep fall.

Well, what if we fall trying to break 6,400? The next logical scenario is the market may drop from the selling and may try to bounce at the 6,000 – 6,100 range, an area where buyers will again emerge. I believe that we are in a better position now than where we were a few months back.

God bless you and may this trading week be your best trading week yet!

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